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All the pairs have been covered in the morning video, it is important to note that although there are some technical levels in play, we are very much in a fundamental environment and that is what may drive these pairs today. I sit with a dilemma in that the intraday charts and the daily charts are painting slightly different pictures and I am undecided as to which chart to trade off. I have decided to allow for the London and New York session to guide me as it would be easy let “my view” dictate which chart I trade off today.
Dean's Daily FX Update – 13 March 2017
In the Zone
- GBPUSD
- AUDUSD
- NZDUSD
- USDCAD
- USDJPY
- USDZAR
Noteworthy News
- Reports over the weekend is that the UK could trigger article as early as Tuesday, considering all the event risk we have this week, it may take the gloss off the FOMC and will ultimately affect the GBP for the next couple of weeks.
Recap
All the pairs have been covered in the morning video, it is important to note that although there are some technical levels in play, we are very much in a fundamental environment and that is what may drive these pairs today. I sit with a dilemma in that the intraday charts and the daily charts are painting slightly different pictures and I am undecided as to which chart to trade off. I have decided to allow for the London and New York session to guide me as it would be easy let “my view” dictate which chart I trade off today.
We have a lot of event risk this week in the form of various central bank meeting this week, none more important than the Fed. It would be an absolute shock to the market if there was no hike this week, I think we are certain to see it – the market will instead be waiting to hear from the market if we are going to get 3 or 4 hikes this year. Liquidity may start to dry up tomorrow ahead of this meeting.
The session this morning has continued the dollar weakness that we saw on Friday after the NFP with oil still being the most under pressure. We have broken key support levels in oil and it is trading near the 200 day MA, this will be a pivotal level to watch this morning, keeping in mind that this is what will drive the USDCAD this morning.
The EURUSD was the star last week, and it continued its march against the greenback this morning. Keep in mind that we have a speech by ECB President Draghi this afternoon and this is potentially a huge market mover today. He was upbeat last week, but he does have a knack of being inconsistent. Keep an eye on the EURCHF, there has been a little bit of unbalancing last week and this could be the trade of the week.
Daily Ranges 13/03/2017
Majors
EURUSD
Resistance 1.0685 – 1.0700
Support 1.0590 – 1.0575
GBPUSD
Resistance 1.2180 – 1.2200
Support 1.2140 – 1.2120
AUDUSD
Resistance 0.7570 – 0.7590
Support 0.7510 – 0.7490
NZDUSD
Resistance 0.6930 – 0.6950
Support 0.6880 – 0.6860
USDCAD
Resistance 1.3500 – 1.3515
Support 1.3420 – 1.3400
USDJPY
Resistance 115.10 – 115.20
Support 114.50 – 114.30
USDCHF
Resistance 1.0115 – 1.0130
Support 1.0050 – 1.0030
Rand
USDZAR
Resistance 13.2950 – 13.3250
Support 13.1300 – 13.1000
EURZAR
Resistance 14.1160 – 14.1520
Support 13.9980 – 13.9540
GBPZAR
Resistance 16.1640 – 16.1970
Support 15.9940 – 15.9610
Minors
AUDCAD
Resistance 1.0170 – 1.0200
Support 1.0120 – 1.0100
AUDJPY
Resistance 86.80 – 87.00
Support 86.00 – 85.80
EURCHF
Resistance 1.0790 – 1.0800
Support 1.0690 – 1.0670
EURGBP
Resistance 0.8780 – 0.8810
Support 0.8630 – 0.8610
EURJPY
Resistance 122.00 – 123.10
Support 121.70 – 121.50
GBPJPY
Resistance 140.20 – 140.40
Support 139.30 – 139.00
GBPCAD
Resistance 1.6440 – 1.6460
Support 1.6370 – 1.6350
GBPCHF
Resistance 1.2325 – 1.2345
Support 1.2270 – 1.2250
Indices
DE30
Resistance 12000 – 12030
Support 11930 – 11900
UK100
Resistance 7340 – 7400
Support 7290 – 7270
US500
Resistance 2380 – 2400
Support 2360 – 2340
US30
Resistance 21000 – 21070
Support 20880 – 20850
SA40
Resistance 44700 – 44800
Support 44000 – 43800
Commodities
BRENT
Resistance 52.30 – 52.60
Support 50.70 – 50.50
XAUUSD
Resistance 1210.00 – 1230.00
Support 1190.00 – 1180.00
XAGUSD
Resistance 17.10 – 17.20
Support 16.90 – 16.70
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